26 Mar 2014
GBP/JPY is working on uptrend
FXStreet (Moscow) - GBP/JPY started the day on positive note reaching session high at 169.30 from 168.98 at the open, though retraced to 169.10 area at the moment.
Yen strength is expiring
The downtrend of the pair seen from March, 7 stumbled around 168.20 area, and the pound is trying to rebound trading around 169 area at the moment. JPY’s resilience is not surprising given the traditional end of March flows supporting the Japanese currency. The interest to the Yen may still be noted by the end of the week, but we may expect the turnaround of flows right in the first week of April. Thus, the rise of the pair with initial target at 169.45 resistance level may show up very soon – we just need to break 169.30.
What are today’s key GBP/JPY levels?
Today's central pivot point can be found at 168.91, with support below at 168.49 (S1), 167.96 (S2) and 167.54 (S3), with resistance above at 169.45 (R1), 169.87 (R2), and 170.41 (R3). Hourly Moving Averages are largely bullish, with the 200SMA at 168.91 and the daily 20EMA bearish at 169.63. Hourly RSI is neutral at 55.
Yen strength is expiring
The downtrend of the pair seen from March, 7 stumbled around 168.20 area, and the pound is trying to rebound trading around 169 area at the moment. JPY’s resilience is not surprising given the traditional end of March flows supporting the Japanese currency. The interest to the Yen may still be noted by the end of the week, but we may expect the turnaround of flows right in the first week of April. Thus, the rise of the pair with initial target at 169.45 resistance level may show up very soon – we just need to break 169.30.
What are today’s key GBP/JPY levels?
Today's central pivot point can be found at 168.91, with support below at 168.49 (S1), 167.96 (S2) and 167.54 (S3), with resistance above at 169.45 (R1), 169.87 (R2), and 170.41 (R3). Hourly Moving Averages are largely bullish, with the 200SMA at 168.91 and the daily 20EMA bearish at 169.63. Hourly RSI is neutral at 55.